Exceed Company Ltd. Announces Appointment of Financial Advisor and Legal
FUJIAN, China, Sept. 11, 2013
FUJIAN, China, Sept. 11, 2013 /PRNewswire/ --Exceed Company Ltd. (NASDAQ:
EDS) ("Exceed" or "the Company"), one of the leading domestic sportswear
brands in China, today announces that the special committee of its board of
directors (the "Special Committee") has retained Houlihan Lokey, Inc. as its
financial advisor, K&L Gates LLP as its U.S. legal counsel and Walkers Global
as its BVI legal counsel.
As previously announced, the Special Committee was formed to consider a
non-binding proposal from its chairman and chief executive officer, Mr.
Shuipan Lin and his affiliates (including Tiancheng Int'l Investment Group
Limited), HK Haima Group Limited, Wisetech Holdings Limited, Windtech Holdings
Limited and RichWise International Investment Group Limited (collectively, the
"Consortium Members"), pursuant to which the Consortium Members propose to
acquire all of the outstanding ordinary shares of the Company not currently
owned by them in a going private transaction at a proposed price of $1.72 per
ordinary share in cash ("Proposal").
The Special Committee is continuing its evaluation of the Proposal. There can
be no assurance that any definitive offer will be made, that any agreement
will be executed or that the Proposal or any other transaction will be
approved or consummated.
About Exceed Company Ltd.
Exceed Company Ltd. designs, develops and engages in wholesale of footwear,
apparel and accessories under its own brand, XIDELONG, in China. Since it
began operations in 2002, Exceed has targeted its growth on the consumer
markets in second and third-tier cities in China. Exceed has three principal
categories of products: (i) footwear, which comprises running, leisure,
basketball, skateboarding and canvas footwear, (ii) apparel, which mainly
comprises sports tops, pants, jackets, track suits and coats, and (iii)
accessories, which mainly comprise bags, socks, hats and caps. Exceed Company
Ltd. currently trades on Nasdaq under the symbol "EDS".
This announcement contains forward-looking statements that are based on our
current expectations, assumptions, estimates and projections about us and our
industry. All statements other than statements of historical fact in this form
are forward-looking statements. These forward-looking statements can be
identified by words or phrases such as "may", "will", "expect", "anticipate",
"estimate", "plan", "believe", "is/are likely to" or other similar
These forward-looking statements involve various risks and uncertainties.
Although we believe that our expectations expressed in these forward-looking
statements are reasonable, we cannot assure you that our expectations will
turn out to be correct. Our actual results could be materially different from
and worse than our expectations. A number of factors could cause actual
results to differ materially from those contained in these forward-looking
statements, including but not limited to changes in our goals and strategies,
our ability to control costs and expenses, success of our products,
competition in the sportswear industry in China, and changes in PRC government
preferential tax treatment and financial incentives. The forward-looking
statements made in this announcement relate only to events or information as
of the date on which this announcement is published. We undertake no
obligation to update any forward-looking statements to reflect events or
circumstances after the date this announcement is published or to reflect the
occurrence of unanticipated events.
For further information, please contact:
Exceed Company Ltd.
SOURCE Exceed Company Ltd.
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